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Regular Visitor
Deja
Posts: 2
Registered: ‎02-25-2013
0

attorney approval/ home inspection contingency

I recently submitted a cash offer on a short sale. I now have a signed contract from the seller. The listing has gone from active to pending but I do see it is contingent, awaiting attorney approval /home inspection. Can anyone tell me how long this phase should last? I have been shopping for a home for the past 9 months and my nerves are frazzled now.
Regular Contributor
MarkusAIC
Posts: 82
Registered: ‎02-02-2010
0

Re: attorney approval/ home inspection contingency

The attorney review and home inspection period on your side of the deal is typically either 5 or 10 days. Those are both fairly standard time periods. Unfortunately that does not mean the deal will be done in the next week or two.

Since you are buying a short sale, presumably from/through the Bank who knows how long it will take on their side of the deal. I realize it isn't what you want to hear but it could take the Bank a week or months.

Since you are asking this particular question, I'll have to assume you don't have a real estate agent or an attorney. I suggest you get both.

"The Code is not a ceiling to reach, but a floor to work up from"
Regular Visitor
Deja
Posts: 2
Registered: ‎02-25-2013
0

Re: attorney approval/ home inspection contingency

Thank you for your answer. I have an agent and an attorney. I'm not saying that I don't trust what they've told me, I just wanted to see what others might have experienced. Just really trying to gather as much info from as many places as possible. Compare experiences.